Hodge Equity Release Reviews (Updated 2022)

Is Hodge Equity Release Any Good & Safe? We Review the Pros, Cons & Scheme Features
Are You Looking for an Equity Release Provider and Have Hodge in Mind? Read Our Review to Find Out if Hodge Is the Best Fit for Your Needs…
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Hodge Equity Release

Are you considering Hodge for Equity release in 2022? The markets have seen a record number of homeowners over 55 cashing in on their property wealth; you don’t want to miss your chance!

Equity release is a great way for those over 55 to access additional funds, but if you choose the wrong plan or provider, things could go wrong.

With so much at stake, choosing an equity release provider you can trust is essential, so we’ve researched the financial markets to bring you trustworthy reviews of the top providers.

In this article, we’ll uncover:

  • Who’s Hodge Bank?
  • Why consider Hodge for equity release? 
  • What does Hodge offer?

Our financial specialists have reviewed Hodge bank to discover more about it and help you understand why it’s a market-leading later-life lender. 

Let’s take a look!

Before You Start Reading….

Let’s See How Much You Can Release 👇

 

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Value of Your Home?

50000

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Who’s Hodge?

Hodge is a financial institution in the UK that was established in 1987 as a bank but was started in 1965 and named after the founder, Sir Julian Hodge.

Furthermore, Hodge is the oldest established equity release provider in the UK and was a founding member of the Equity Release Trade Body.

There’s also a subsidiary company of Hodge called Hodge Life.

What’s more, Hodge is the only UK bank headquartered in Wales with its head office in Cardiff.

Why Consider Hodge for Equity Release?

Currently, you can’t consider Hodge for equity release because it has sold its equity release business to Reinsurance Group America. 

However, Hodge does specialise in retirement lending and could have an alternative product that could meet your needs.

Furthermore, Hodge has perfected a broad range of retirement lending products, including the award-winning 50+ residential interest-only mortgage. 

The focus at Hodge is to make lending more flexible, with its emphasis on retirement mortgages and savings markets. 

Are You Looking for the Hodge Equity Release Calculator?

Before you consider using the Hodge equity release calculator, we want you to know that we’ll probably be able to find you a better rate and that means a great saving!

Before You Start Reading….

Let’s See How Much You Can Release 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast

It’s VERY FAST, takes just 8 seconds

What Services Does Hodge Offer?

Hodge offers a broad range of lending services with a particular focus on the retirement lending market.

These products include the following:

  • The 50+ residential mortgage
  • A retirement interest-only mortgage
  • Holiday let mortgages

Does Hodge Offer Equity Release?

No, Hodge doesn’t do equity release; however, they offer other later-life mortgage products.

Hodge’s Equity Release Schemes

Hodge no longer offers equity release schemes; however, they have a range of specialist mortgage products for retirees and those aged 50 and over.

The qualification criteria for Hodge’s later-life lending products include a minimum age and property value.

Let’s look at these criteria in more detail.

  • Your property has to have a minimum value of £100,000.
  • The youngest applicant has to be over 50 years of age.
  • The maximum age limit is 88 years of age.
  • Your property has to be located in England, Wales or Scotland.
  • Your home must be of standard construction.
  • You should have a small mortgage outstanding or no mortgage on your home.

Hodge’s Equity Release Scheme Features

Hodge no longer offers equity release schemes.

Let’s take a look at the products they offer in the later-life lending space and some of the features of each.

  • The 50+ residential mortgage – A mortgage aimed at those who’re 50 and over; it does require monthly repayments. It takes your current home’s value, other property you may own, or the sale value of policies you may have into account when it checks your income streams.
  • A retirement interest-only mortgage – The RIO offered by Hodge is not just for retirees; it’s a fee-free mortgage and provides a high LTV of up to 75%

What Are Hodge’s Equity Release Interest Rates?

Hodge’s equity release interest rates are currently at 2.19% ASED based on a 15-year gilt rate.

What Are Hodge’s Fees?

Hodge’s fees may differ depending on the product you choose.

There are fee-free mortgage options available from Hodge on specific products, and on other products, the current advice fee is £995.

What Are The Advantages & Disadvantages of Hodge?

The advantages and disadvantages of Hodge include using one of the UK’s longest established later-life lending providers and the fact that they offer flexible, innovative products.

Let’s look at the pros and cons of using Hodge in more detail.

Hodge Pros

  • It offers one of the widest ranges of retirement mortgage products for those over 50.
  • Hodge has thousands of current equity release clients and has over 50 years of experience.
  • Multi-award-winning mortgage specialist Hodge has received awards which include Lending Awards, Mortgage Strategy Awards and Legal & General Awards.
  • The products they offer include downsizing protection and other flexible benefits.

Hodge Cons

  • Releasing equity with any provider will decrease the worth of your estate and reduce the inheritance you leave to your beneficiaries.
  • Lifetime mortgages from Hodge are only available in England, Wales, and the mainland of Scotland.
  • Your property has to have a minimum value of £100,000.

How Did We Review Hodge

Let’s have a look at Hodge’s reviews.

Hodge’s Online Reviews:

Hodge’s Complaints

If you’d like to make a complaint to Hodge, there are 2 ways to do so.

  • You can contact them at feedback@hodge.co.uk or call them on 02920787672.
  • Any complaints can be sent in writing to Hodge at the following address:
    • Customer Experience
    • Hodge Bank
    • One Central Square
    • Cardiff
    • CF10 1FS

All customer complaints will be dealt with by Hodge within 3 business days of receipt, and you can expect to receive an answer within this time frame.

Hodge’s FCA Details 

The Financial Conduct Authority (FCA)1 regulates mortgage providers. Hodge Bank is sanctioned by the FCA and legally authorised by the Prudential Regulation Authority (PRA)2

  • FCA Address: 
    • One Central Square 
    • Central Square
    • Cardiff
    • South Glamorgan
    • CF10 1FS
    • United Kingdom
  • Trading Names: 
    • Julian Hodge Bank Limited.
    • Hodge.
    • Hodge Bank.
    • Hodge Lifetime.
  • FCA Permitted Services: 
    • Banking services.
    • Mortgages and home finance services.
    • Consumer credit services.
    • Investment services.
  • Regulators: 
    • Financial Conduct Authority.
    • Prudential Regulation Authority.
    • The Equity Release Council.
  • Registration Numbers: 
    • Julian Hodge Bank Limited registration number: 00743437
    • Its FCA registration number is 204439.
  • FCA Link
  • Companies House Link

Hodge’s Contact Number

+4402922740916

Got Questions About Hodge & Lifetime Mortgages?

Is Hodge a Member of the Equity Release Council?

Who Owns Hodge?

Hodge’s Jobs

Is Hodge Equity Release Safe?

Conclusion

If you’re over 55, equity release is an excellent way of accessing the value tied up in your home without selling your home and having to move out.

Hodge may not offer equity release, but it has a range of retirement-friendly mortgage products you could choose from.

Equity release is a way to supplement your existing pension savings to enjoy a more comfortable retirement, while others might want to renovate or settle their mortgage.

Whatever your reason for equity release, always seek professional financial advice, ensure you understand what you’ll be committing to, and investigate alternatives to equity release from Hodge before deciding.

Before You Go…

Use the FREE Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast

It’s VERY FAST, takes just 8 seconds

Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.